TD Bank Personal Loans: 2021 Review

TD Bank offers unsecured personal loans with fast funding and loan purposes ranging from consolidating debt to financing major purchases. You don’t need an existing relationship with the bank to get a loan.

Pros and cons of TD Bank personal loans

Before signing up for a personal loan with TD Bank, take a look at some of its benefits and drawbacks.

Pros:

• Brick-and-mortar banking experience: TD Bank operates branches in 15 states and Washington, D.C.: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia.
• Low APRs: TD Bank’s minimum APR is on the low side, starting at just 6.99 percent.

Cons:

• Undisclosed eligibility requirements: TD Bank doesn’t list a minimum credit score, income or debt-to-income ratio, making it harder to know whether the lender fits your needs.

Lending terms

TD Banks’s unsecured personal loans range from $2,000 to $50,000 with APRs of 6.99 percent to 21.99 percent. Terms of 36 to 60 months are available. Borrowers may receive funds in as little as one business day.

Fees and penalties

For the most part, TD Bank keeps fees for its loans to a minimum. It doesn’t charge an origination fee or an application fee, but loans come with a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less.

How to apply for a loan with TD Bank

You can apply for an unsecured loan on the bank’s website. TD Bank claims that consumers can get initial approval in as little as a minute and have their funds as soon as the next business day.

In order to complete the loan application, you’ll need the following information:

• Your Social Security number.
• Any expenses, such as mortgage or rent, you currently have.
• Your employment history and income.

Before settling on a lender, it’s a good idea to explore multiple options. You may find a lower rate or better terms from another lender. When shopping, make sure to compare personal loan rates based on your specific needs, including loan amount, credit score, location, income and loan purpose.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.